The head of investment banking at UBS has become the third top level casualty of deep losses in fixed income in the past five months after new chief executive Marcel Rohner disclosed the group would take its first quarterly loss in nine years and promised to accelerate changes including 1,500 job cuts.

Rohner, who replaced former group chief executive Peter Wuffli in July following a plunge in its second-quarter results, will take on the responsibilities of investment bank chairman and chief executive Huw Jenkins in a move that will strengthen his power base.